Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases Amount $1,023,000 310 $ $ 30 $ 10 $ 260,000 230,000 $ 91,000 $ 111,000 $ 350,000 is es es es es es es es es $

Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases Amount $1,023,000 310 $ $ 30 $ 10 $ 260,000 230,000 $ 91,000 $ 111,000 $ 350,000 is es es es es es es es es $

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.6C

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Mark up cost structure example with example of Margin cost structure Sales 125% Sales 100%CoS (100%) CoS (75%)Gross Profit 25%. Gross Profit 25% The inventory value for the financial statements of Potrum Ltd for the year ended 31st March 2022 was based on an inventory count on 4th April 2022, which gave a total inventory value of $836,200. Between 31st March and 4th April the following transactions took place: Purchases of goods $8,600Sales of goods (profit margin 30% on sales $14,000) Goods returned by Potrum Ltd to supplier $800 1. What adjusted figure should be included in the financial statements for inventories at 31st March 2021?
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Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ
Fill in the appropriate blanks for each of the independent situations below: Company A Company B Company C Sales revenue (3) $ 343,400 540,000 Beginning inventory 52,600 (5) $ 90,000 net purchases 205,300 255,600 (7) $ Ending inventory 52,200 108,000 63,000 COGS (4) $ (6) $ 437,000 Gross Profit 75,300 128,000 (8) $
Retail method; gross profit method Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $300,000 $575,000 Transactions during August: Purchases (net) 2,021,900 3,170,000 Sales 3,250,000 Ranchworks Co. Inventory, March 1 $880,000 Transactions during March through November: Purchases (net) 9,500,000 Sales 15,800,000 Estimated gross profit rate 38% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. For those boxes in which you must enter subtracted or negative…
Retail method; gross profit method Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $300,000 $575,000 Transactions during August: Purchases (net) 2,021,900 3,170,000 Sales 3,250,000 Ranchworks Co. Inventory, March 1 $880,000 Transactions during March through November: Purchases (net) 9,500,000 Sales 15,800,000 Estimated gross profit rate 38% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Celebrity Tan Co. Estimated Cost of Inventory August 31 Cost Retail $ $ $ $ Ratio of cost to retail price: % $ $…
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